Home Equity Loan Program (H.E.L.P.)
With a Home Equity Loan, you establish an open line of credit that allows you to withdraw funds as needed. Home Equity credit is ideal for major expenses. Popular uses include college education, vehicles, decks, pools, bill consolidation, and home improvements that increase the value of your home.
A HELP Loan is secured by either a 1st or 2nd mortgage on your primary residence. The minimum line of credit is $1,000 and the maximum is $100,000. Borrow up to 90% of the loan to value on your property. Pay no fees up to $25,000.* The interest rate may be adjusted twice a year based on changes in the prime rate. Minimum monthly payments are based on the highest outstanding loan balance and interest may be 100% tax deductible. Please see your tax advisor for further information. *Some restrictions may apply.
This card combines the benefits of your Home Equity line-of-credit with
all the great benefits of a convenient Visa credit
card. Enjoy the best qualities of both!
- Works at millions of places that accept Visa credit cards
- No Annual Fee
- Auto Rental Insurance (A.R.I.)
- 24-Hour Emergency Roadside Assistance Service
- Cash advances from ATMs
- Annual activity ensures automatic renewal of your card
- Lost/Stolen Card Services
- Emergency Card & Cash Replacement Service
- Cardholder Inquiry Service
- $200,000 Travel Accident Insurance
- Free "Verified By Visa" service adds security to online purchases made through participating Verified By Visa merchants
- "Zero Liability" if your card is used after it is lost
or stolen
NOTE: This loan is secured by your home. There is no grace period on charges made using this card. Commonwealth CU recommends limiting usage to items you would typically use your Home Equity loan to finance, such as home - improvements, vacations, education and medical expenses, and other "bigger ticket" items. For "everyday" purchases, we recommend our Commonwealth CU Visa Platinum or Visa Classic card products.
Already have a Commonwealth CU Home Equity Line-Of-Credit? To take advantage of the new Home Equity Visa Classic Credit Card, which works as part of your existing Home Equity Line-Of-Credit.
Share Secured Home Equity Loan
This loan has the same terms and interest rate as the regular HELP loan. There are no closing costs for this loan. Both the residence (in order to get the tax advantage) and shares (equal to the established limit) are held as security. HELP Checks can also be used.
HELP Checks
You will also receive HELP Checks at no cost with same day service. These checks are used like regular checks. It is a convenient way of using the equity in your home and each check carbon becomes an excellent source for your personal records. Cash in on your home's value!
Share Secured Home Mortgage Loan: Commonwealth CU offers this special loan that can save you time and money. Call us for more details.
